Lend Lease Group
(ASX:LLC) has been selected by the Barangaroo Delivery Authority on behalf of the NSW Government to develop Stage 1 of Barangaroo.
The development is being considered as the largest CBD development in the history of Sydney with an end value of approximately $6 billion and is expected to be completed over the next 10 - 15 years.
In order to secure the development rights Lend Lease has agreed to make a series of payments totalling several hundred million dollars to the State over eight years, including $100 million in the first 18 months.
Lend Lease has also agreed to deliver public domain, infrastructure and water front amenities on the site and an additional payment to the State based on a share of the project’s financial success.
The company says Barangaroo is aiming to be a climate positive development and is targeting carbon neutral, water positive and zero waste outcomes.
Lend Lease posted a loss of $653.6 million for fiscal 09.
